NEW YORK (TheStreet) -- Shares of Fitbit (FIT) - Get Report were slipping, down 5.62% to $35.75 Wednesday morning to trade in the red for the first time following its initial public offering debut on the floor of the New York Stock Exchange last Thursday.
This morning, Fitbit announced the closing of its IPO of Class A common stock and the full exercise of the underwriters' option to purchase 5,486,250 additional shares.
Fitbit said it sold 22,387,500 shares and the selling stockholders sold 19,673,750 shares for a total of $841.2 million.
San Francisco-based Fitbit priced its initial public offering at $20 per share, above early expectations.
The fitness device company now has a total market cap of about $7.32 billion as of 9:56 a.m. ET today.
Fitbit is a provider of health and fitness products, that combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts.
The company offers a number of fitness products, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria.
Its wrist-based and clippable devices automatically track users' daily steps, calories burned, distance traveled, floors climbed, and active minutes and display real-time feedback.
Insight from TheStreet's Research Team:
Eric Jackson commented on Fitbit in a recent post on RealMoney.com. Here is a snippet of what Jackson had to say about the stock:
When the company first filed for an IPO a couple of months ago, there was a lot of knee-jerk skepticism about it. Apple's (AAPL) Apple Watch was only a few weeks away from launch and seemed to have much more features than Fitbit. Plus, the old Fitbits seemed antiquated compared to Apple, the difference between rotary and touch-tone phones.
But Fitbit's IPO prospectus surprised a lot of people with the company's revenue ramp. It went from $271 million in 2013 to $745 million last year and is on track to do more than $1 billion this year.
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FIT Price data by YCharts